MACRO Unit 1: Review (FA24)

The most desirable alternative given up as a result of a decision is known as:

In 2004, Mr. Lansing appeared on a souvenir calendar for the National Park's July picture of the Grand Canyon:

What type of service cannot be bought in the market, and is only rendered out of love or affection called?

What is the amount of goods and services available called in the economic world?

Something that a person would like to possess, either immediately or at a later time

Goods known as "_____ _____" are not man-made, and we do not have to pay anything to get them.

What type of goods are neither man-made nor have an unlimited supply in nature?

Demand that is very sensitive to a change in price (Something you buy less of if there is a small increase) is called?

Which of the following is NOT an example of a good?

What is the amount of goods and services available called in the economic world?

What is a cost that does not change, regardless of how much of a good is produced called?

When the demand and supply of a market are not equal to each other, the market is said to be in?

Which term describes material things wanted by human beings; they can be seen or touched.

These are non-material things that cannot be seen or touched; only their effects are felt.

The principle that suppliers will produce larger quantities of goods at higher prices is known as:

Which of the following examples is NOT an example of scarcity?

If a price of a good _____, firms will produce more to earn extra revenue & new firms will enter the market.

What is the principle that suppliers will produce larger quantities of goods at higher prices known as?

Economists use the term _____ to describe how much of a good is offered for sale at a specific price.

Which of the following huge events could NOT cause equilibrium disruption in the economy?

Which of the following is NOT an example of a service?

Services that can be bought in the market, and usually rendered by doctors, teachers, lawyers, and barbers are called?

If more firms enter a market, the market supply of the good will _____?

Which of the following occurs when there are limited quantities of resources to meet unlimited needs or desires?

If production takes a long time to adjust to price increase (or not very responsive), then the product has a(n)?

Which one of the following terms would NOT be a WANT in relation to the world of economics?

Economic condition where market demand and market supply are equal to each other, + brings stability in price levels.

This occurs when producers will not or cannot offer goods or services at current prices.

If firms leave the market, supply will _____?

What are all the alternatives that we give up whenever we choose one course of action over others called?

What is a measure of the way quantity supplied reacts to a change in price?

Which one of the following terms would NOT be a NEED in relation to the world of economics?

When a good's price is lower, people will buy more of it. When the price is higher, people buy less- is the Law of ____?

Which type of equilibrium does not undergo any changes and remains consistent over a period of time?

Demand that is not very sensitive to price (something you will buy despite the price) is called?

Several _____ factors can raise or lower the supply of a good at all prices

What is the desire to own something and the ability to pay for it called?

Goods (both consumer & producer) that can be used for a considerable period (used again & again) are called?

Bread, milk, fruits, vegetables etc. are an example of _____ _____ consumer goods.

The elasticity of demand is a measure of how consumers react to a change in _____?